The facility was launched by Shaktikanta Das, Governor of the Reserve Bank of India and Ravi Menon, Managing Director of the Monetary Authority of Singapore.
UPI Goes Global: Prime Minister Narendra Modi and Singapore PM Lee Hsien Loong have launched cross-border connectivity between India’s Unified Payments Interface (UPI) and Singapore’s PayNow. The PM of both the countries launched it through video conferencing. Launching this service, PM Modi said that the UPI-PayNow linkage is a gift for the citizens of both the countries, which they have been waiting for a long time. I congratulate both India and Singapore for this.
UPI and PayNow have been linked to facilitate cross border transactions between the two countries. With this initiative, people between the two countries will be able to send money easily. Singapore PM Lee Hsien Loong said that this initiative will accelerate connectivity between the people of the two countries. The contact between the two countries will increase. People will be able to send money easily. The relations between the two countries will get stronger.
Prime Minister Narendra Modi said that the integration of Unified Payments Interface (UPI) and Singapore’s ‘Pay Now’ is a new milestone for India-Singapore relations.
A new milestone in India-Singapore relations as we link real-time digital payments systems. 🇮🇳 🇸🇬 https://t.co/SubBSNyMO8
— Narendra Modi (@narendramodi) February 21, 2023
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The UPI-PayNow link will benefit people between the two countries, India and Singapore. Families of Indian students studying in Singapore will now be able to easily transfer money to them. At the same time, Indians living in Singapore will be able to easily send money to their people living in India. Digital transactions between the two countries will get a boost. By joining the payment system between India and Singapore, the people of both the countries will get its benefits.